Exam Feedback November 2025 Part 2 Exam Feedback

[Nicole Seaman]

We hope that everyone did well on the FRM Part 2 exams in November! We would love to hear your feedback about your exam experience.

• How did it go?
• Did you encounter unexpected questions?
• Which topics were tested?
• Did you find it difficult?

Please also share your thoughts and experiences with BT's exam prep program by completing our quick survey. Your feedback is very important to us and helps us to improve! https://cerifi.getfeedback.com/r/jW7oluH1/q/0

Share your exam results here: https://forum.bionicturtle.com/threads/november-2025-part-2-exam-results.25133/

 

[AKhar2613]

I gave my exam in November 2025 . Some of the topics I recall are
PSA , CPR
Vasicek Model
Merton Model
LVAR

There were a lot of scenario based questions , which seemed to cover multiple areas . they would give a scenario , and ask the best option possible .


I was disappointed to not find any question from the new topics introduced in 2025 ( Gauss + model )

Overall, I found it difficulty level between medium and hard .

Lets see once I get the result

 

[Clay Carter]

I gave my exam in November 2025 . Some of the topics I recall are
PSA , CPR
Vasicek Model
Merton Model
LVAR

There were a lot of scenario based questions , which seemed to cover multiple areas . they would give a scenario , and ask the best option possible .


I was disappointed to not find any question from the new topics introduced in 2025 ( Gauss + model )

Overall, I found it difficulty level between medium and hard .

Lets see once I get the result

@AKhar2613 Thanks for sharing!

 

[IDosh1374]

There were 2 or 3 questions on FRTB
RAROC 1 easy 1 difficult question
TSEC TSAA
Joint Default correlation
Merton Model Prob. of default
AI ML
Securitization's overcollateralization value in year 2 (same as the question in GARP official MOCK)
BCVA
Stress EL of Fund (2 counterparty were given)
Liquidity risk charge credit risk charge
hurdle rate using common equity and preferred equity
2023 Bank failure
AI (internal external data)
EME interest rate
Private credit from current Issue
Stability region
Digital resilience
BCVA spread
UCL
Which portfolio out of 2 should be added to the fund based on optimal allocation
Beta anomaly
Netting

 

[Nicole Seaman]

Please also share your thoughts and experiences with BT's exam prep program by completing our quick survey. Your feedback is very important to us and helps us to improve! https://cerifi.getfeedback.com/r/jW7oluH1/q/0